A Company Purchased Property for $100,000

question 115

Multiple Choice

A company purchased property for $100,000.The property included a building,a parking lot and land.The building was appraised at $62,000; the land at $45,000 and the parking lot at $18,000.The value of the land that will be included in the accounting record is:

• A)$0
• B)$36,000
• C)$42,000
• D)$45,000
• E)$100,000

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Definitions:

Shallow Level

Pertains to surface-level understanding or processing, which does not involve deep comprehension or engagement with the material.

Deep Level

involves processing that is thorough and focused on the meaning and understanding of information, rather than on surface characteristics.

Ill-defined Problem

A problem lacking clear goals, solution paths, or expected solutions, making it challenging to solve.

Well-defined Problem

A well-defined problem is one with clearly specified goals, solution paths, and criteria for evaluating solutions, making it easier to determine when the problem has been resolved.